Significant Growth in Construction Sector to Augment Growth of North America Hydraulic Fluid Connectors Market

North America Hydraulic Fluid Connectors Market

 

Hydraulic fluid connectors are vital components for the hydraulic systems that run various types of machines and are essential to the safe functioning of these machines. There are a number of different types of hydraulic fluid connectors, depending on the type of machine it is needed to connect. Without the correct connectors in place, the flow of hydraulic fluid would be disturbed, which can cause a dangerous situation. For example, when there is a leak in the oil or gas lines, but the proper hydraulic fluid connectors have not been installed, this leak could result in serious damage to property and injury to people.

Hydraulic fluid connectors are generally made of either metal or plastic and work by way of an airtight seal, with the valve being submerged in a liquid. These fluid connectors find application in aerospace, agriculture, construction, material handling, and other industries.

Market Dynamics

Significant growth in the construction sector is expected to propel growth of North America hydraulic fluid connectors market. For instance, according to the U.S. Census Bureau, in February 2020, there were 1,464,000, building permits, 1,599,000 housing starts, and 1,316,000, housing completions in the U.S.

Increasing investment in infrastructure is expected to offer lucrative growth opportunities for players in North America hydraulic fluid connectors market. For instance, in February 2020, The U.S. Department of Transportation published a Notice of Funding Opportunity to apply for US$ 1 billion in 2020 for upgrading infrastructure across the U.S.

Among applications, the agriculture segment is expected to witness significant growth in North America hydraulic fluid connectors market, owing to increasing demand for food. For instance, according to Food and Agriculture Organization, worldwide food demand is expected to increase by 70% by 2050.

Increasing adoption of electric actuators is expected to hinder growth of North America hydraulic fluid connectors market.

Competitive Analysis

Major players operating in North America hydraulic fluid connectors market include, Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, and SPX Corporation

Major players operating in North America hydraulic fluid connectors market are focused on adopting M&A strategies to enhance their market share. For instance, in September 2019, Parker Hannifin Corporation completed its acquisition of Exotic Metals Forming Company LLC, a manufacturer of high-temperature, high-pressure air, and exhaust management solutions for aircraft and engines. 

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